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Wall Street traders kept piling into bets the Federal Reserve will cut rates in September as weak labor data lifted bonds. Those wagers also propped up stocks, which halted a two-day rout amid a rally in big tech.

Just days ahead of the US payrolls report, a drop in job openings to the lowest in 10 months saw traders almost fully pricing in a Fed cut this month and projecting at least two in 2025. Treasuries bounced after a slide that put the 30-year yield close to 5%. While most shares in the S&P 500 actually fell, Alphabet Inc. led gains in megacaps as Google dodged a forced sale of Chrome.

The slide in vacancies indicates companies are becoming more cautious and selective with their hiring as they attempt to gauge the impact of tariffs on the economy. In addition to the openings data, the pace of hiring has slowed and it is taking longer for unemployed people to find another position.

Before that, Friday’s jobs data will be a crucial input for Fed officials. Some are less concerned about the slowdown in payrolls growth because it’s being accompanied by a decline in the participation rate. They’re also wary of reducing borrowing costs when inflation is gradually increasing.

Today's show features:

• Bloomberg Economics US and Canada Economist Stuart Paul details the Federal Reserve’s August Beige Book release
• Jason Granet, Chief Investment Officer of BNY, on the market outlook and the Federal Reserve
• Jaime Leverton, CEO of ReserveOne, on the role of crypto treasury companies and her firm’s IPO plans
• Rick J. Caruso, Founder and Executive Chairman of Caruso, on the hospitality and commercial real estate business, and California economic recovery from this year’s wildfires

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House Republicans are taking a middle-of-the road approach to funding the federal health department by making deeper cuts than their Senate counterparts but granting only some of President Donald Trump’s wishes. House appropriators unveiled their version of the appropriations bill for the Health and Human Services Department on Monday, which provides the department $108 billion in discretionary funding, cutting $7 billion—or 6%—from the previous year.
Quang X. Pham, Founder, Chairman and CEO of publicly traded Cadrenal Therapeutics, discusses how such budget cuts impact his company's ability to conduct pre-clinical research on new drugs and get them through the government approval process in a timely manner. Quang speaks with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily.

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Alphabet Inc.’s Google doesn’t have to sell its popular Chrome web browser, a federal judge ruled Tuesday in the Justice Department’s landmark antitrust case against the search engine.

The ruling allows Google to avoid one of the most severe remedy requests from the US government after the court found the company found the company had an illegal monopoly in the search market. Judge Amit Mehta did bar Google from entering into exclusive contracts for internet search.

The finding follows Mehta’s ruling last year that Google illegally monopolized the markets for online search and search advertisements. Mehta held a three-week hearing in April to determine a fix.
The order is one of the most monumental court decisions affecting the tech sector in more than a quarter century, and could offer a blueprint for other judges who may end up weighing similar choices in cases against Meta Platforms Inc., Amazon.com Inc. and Apple Inc.

In another win for Google, the judge didn’t bar the company from making payments to third parties for default browser placement.

Today's show features:

• Bloomberg Intelligence Global Head of Technology Research Mandeep Singh and Bloomberg News Senior Executive Editor for Global Tech Tom Giles
• Peter Atwater, President of Financial Insyghts and Adjunct Lecturer of Economics at the College of William and Mary, on US trade policy and the economic outlook
• Wendy Cutler, Vice President at the Asia Society Policy Institute, on India and China shoring up ties with Russia amid the US-driven trade war and geopolitical unrest
• Bloomberg Senior Editor, Equities Americas Eric Weiner, discussing the Tuesday trade

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